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5 Categories Of The FICO Wheel

  • Category 1

    Have you paid your previous credit accounts on time? This is the #1 most important factor that affects your FICO score. If you can learn to keep your accounts in good standing, your credit score will receive a huge boost. However, if you have multiple late or missed payments, your credit score could take a big hit.

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    35%

    Payment History makes up approximately 35% of your credit score

  • Category 2

    Having multiple open credit accounts is not a bad thing. Carrying a balance on those credit accounts doesn’t necessarily lower your credit score. However, if the balance you are carrying equates to a majority of your available credit, your credit score could be negatively affected. For instance, if you have a credit card with a $1000 credit limit and you are carrying a balance of $400, that could negatively impact your credit score.

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    30%

    Amount Owed On Credit Cards makes up approximately 30% of your credit score

  • Category 3

    When it comes to the length of your credit history, FICO scores take into account numerous variables: the total length of your credit history, the age of your oldest and newest accounts, how long it’s been since you used a particular account, and more. So, if you have a handful of credit accounts that you have used regularly for years and they are all in good standing, your credit score gets a boost. However, if you open multiple credit accounts in a short period of time and then run up the balances, your credit score could take a hit.

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    15%

    Length of Credit History makes up approximately 15% of your credit score

  • Category 4

    There are many different types of credit accounts - credit cards, mortgage loans, student loans, retail accounts, etc. Someone with a variety of credit accounts in good standing could receive a boost to their credit score. (Don’t panic if you don’t have every type of credit account. It’s not necessary to have all of them to be considered diversified and receive the credit score boost.)

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    10%

    Credit Mix makes up approximately 10% of your credit score

  • Category 5

    As we mentioned in Category 3 - “Length of Credit History”, if you open multiple credit accounts in a short period of time and then run up the balances, your credit score could take a hit. Best practice is to not open too many new credit accounts in a short period of time.

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    10%

    New Credit makes up approximately 10% of your credit score

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